Meati Foods has raised $28 million in a Series A funding round to scale up production of its plant-based meat product.

Colorado-based Meati uses an edible type of mycelium – the thread-like vegetative component of fungi – to make its meat alternative product. 3oz of Meati meat reportedly offers 16g of complete protein, is a source of fibre and contains essential vitamins and minerals.

Meati claims that the mycelium – which it cultivates in-house – is ‘extremely’ resource efficient, resulting in cost savings that will in the future enable Meati to reach price parity with conventional animal meat.

The company’s Series A round was led by Acre Venture Partners and included investments from Prelude Ventures, Congruent Ventures, Tao Capital and others.

Meati’s latest financing push was also backed by Once Upon A Farm CEO, John Foraker, as well as Sweetgreen co-founders, Nicolas Jammet and Jonathan Neman.

The company says that it will use the funds to expand its production capacity, including with the construction of a new facility and through hiring more staff. This in turn will support commercial collaborations across retail and foodservice.

“For years we have looked for an alternative meat that is as nutritious as it is sustainable. With Meati, there is no need to compromise,” said Lucas Mann, managing partner at Acre.

“The company has attracted a uniquely experienced syndicate of investors to help Meati get to market in a significant way.”

Meati Foods CEO and co-founder, Tyler Huggins, added: “We started Meati Foods to deliver nutrient-rich, energising food in an enjoyable and familiar way, while also diversifying our food system with an offering that reduces costs to people and our environment.”

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